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NYS Retirement System: PFRS Questions

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  • NYS Retirement System: PFRS Questions

    Hello All,

    I was hoping someone here is better versed in the retirement system than I am; I am trying to solve a few questions I just cant figure out myself.

    I currently am in the PFRS system for full-time local police as a tier 5 under 384(d). My questions are:

    1) I get that when I retire in 20 years my pension is 50% of my calculated FAS (with the tier 5 restrictions). Does my pension increase if I stay past 20 years? (I cant tell if 384e applies to everyone or only if you are specifically in 384e)

    2) I received a letter stating I owe $426 in mandatory service credit costs for when I worked part time. Is this something I should be asking for more information about (Possibly lawyer?). It doesn't give any other details except the dates when I worked part-time police. And when I pay this, should I pay it with payroll deduction (doesn't say if pre or post tax) or should I use my pre-tax 457b deferred comp?

    3) I also received a letter stating that I am eligible to purchase 0.5 year of credit for non member service from when I worked as parking enforcement for a local govt. The cost of this is $303 and it states that it does not count towards my 20 years and it only counts towards "any other benefit which might become payable, such as a vested retirement, disability retirement or death benefit".

    If anyone has some input on this, I thank you ahead of time!
    Stephen

  • #2
    If you are in 384-D then you don't have any enhanced retirement or else you would be enrolled in 384-E which provides 1/60th for each service year after 20 up to 32 years.

    With regards to your part time police officer credit, when were you employed (years) and were you enrolled in a pension system by your employer?

    Buying your parking enforcement time back won't do anything for you since it's only six months and you aren't eligible for for a vested pension based on six months. Additionally since your department doesn't have 1/60ths after 20 years, there would be no monetary gain for it to be added onto your 20 years.

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